Westdeutsche Landesbank Girozentrale (WestLB), Germany and Export-Import Bank of India (Exim Bank) have joined forces to form a joint venture in India called Global Trade Finance Private Limited (GTF), in which International Finance Corporation is
India’s largest player by market share, Canbank Factors, will be launching their new export factoring service today in Bangalore. Domestic factoring currently accounts for 95% of factoring volume in India.
The German based bank West LB are planning the launch of a new export factoring service in India, where they believe there is a great deal of market potential.
The Indian Prime Minister, Atal Behari Vajpayee, has told his party that “all of us should realise that globalisation is an irreversible phenomenon.
SBI Factors is looking for certain regulatory changes to ensure that factoring takes off in a major way.
Canbank Factors achieved a turnover of Rs. 1,000 Crores in 1999-2000 and expect growth of 25-30% in the coming financial year. The domestic factoring market in India is in its infancy and thus the growth potential is enormous.
